Buyers’ pressure will soon increase
Sponge Price Analysis – 24 January
The bulls may be able to hold onto their edge in the market if the Sponge breaks over the $0.000695 barrier level and runs into resistance in the $0.000886 to $0.001298 zone. If the $0.000886 level is not held, the price may fall to the support levels of $0.000695 and $0.000577.
Sponge/USD Market
Key levels:
Resistance levels: $0.000695, $0.000886, $0.001298
Support levels: $0.000886, $0.000695, $0.000577
SPONGEUSDT Long-term Trend: Bullish
On the daily SPONGEUSDT chart, bullish. Bears need to be cautious because of the triple bottom chart pattern, which emerged at the $0.000356 support level. As a result, the money soars northward like an eagle. Price burst through the prior resistance levels of $0.000886, $0.000998, and $0.001158 before surging beyond the barrier level of $0.001298. It retreats in an attempt to reach the broken $0.000886 level once more. It’s currently getting close to the previous low of $0.000886.
Following the downturn, purchasers may begin to reenter the SPONGE market. The indicator’s upward trajectory and the price’s trading above the Hull Suite signal point to a bullish trend. The bulls may be able to hold onto their edge in the market if the Sponge breaks over the $0.000695 barrier level and runs into resistance in the $0.000886 to $0.001298 zone. If the $0.000886 level is not held, the price may fall to the support levels of $0.000695 and $0.000577.
SPONGEUSDT medium-term Trend: Bullish
The 4-hour SPONGEUSDT chart is showing an increasing trend. Even though the bears are under increasing pressure, the medium-term trend is still solid. The $0.001298 resistance level is tested when resistance levels such as $0.000998, $0.000577, and $0.001158 collapse. The price is returning toward the prior high of $0.000886 while remaining at the previously indicated level.
The price’s position above the Hull Suite signal suggests that the market is moving with significant velocity. Given that the currency pair is trading above the indication, the market is favorable. A buy signal appears when the QQE MOD indicator is higher than zero.
We won’t give up until we locate every bit of wet.
#SpongeV2 is heating up 🔥
We’re not stopping until we find all the damp 🧽💦💦$SPONGE #CryptoCurrencies #100x #Bullish #Uniswap #Coinbase pic.twitter.com/2VItrw9epZ
— $SPONGE (@spongeoneth) January 23, 2024
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